News Brief

7/28/2011, Tammuz 26, 5771

Venezuela to Increase Oil Production

Venezuela will increase its oil production by 30,000 barrels a day – in honor of his birthday, President Hugo Chavez said Thursday. Chavez said it was actually part of a strategy that will increase the country's oil production from 3 million to about 4 million barrels a day.

Analysts said that one important reason for the increase in production is the large debt owed by Venezuela's state-owned oil corporation to suppliers, which totaled $10.9 billion at the end of 2010. Venezuela opposes any cuts in price by OPEC.